In total there were 104,440 residential property transactions in November, up 19% year-on-year on a non-seasonally adjusted basis. This figure was 13% higher with seasonal adjustments.

However this figure was 6% lower than the number of transactions in October according to HMRC (or 8% lower on a seasonally-adjusted basis).

There was a decline in non-residential transactions though, on both an annual and monthly basis. There were a total of 9,750 transactions in November, a drop of 5% when compared to November 2023. This figure was 35% lower than the previous month. On a seasonally-adjusted basis this figure fell by 5% annually and 33% from October’s data.

HMRC said that in October there was an increase in both residential and non-residential transaction in the month of the Budget, with November’s figure showing transactions falling back to previous levels.

North London estate agent and former RICS residential chairman Jeremy Leaf says: “As HMRC records not just mortgaged but cash transactions too, these figures provide a much better indicator of market health than more volatile house prices. However, the length of time required to conclude a sale shows activity responded quite significantly to the Chancellor’s October Budget.

“Looking forward, the economic and political headwinds which have become more apparent since then mean we expect to see a softening in transaction numbers over coming months, particularly as first-time buyers find it increasingly difficult to take advantage of fast-disappearing stamp duty concessions.”

Propertymark CEO Nathan Emerson says: “With more competitive interest rates than this time last year, growing numbers of homes coming to the market, and a rush from many buyers and sellers to beat the rises to Stamp Duty commencing from April 2025 in England and Northern Ireland, the overall mix of market conditions has provided the extra confidence and affordability people were waiting for to make their first or next house move.

“We anticipate a busier than normal first quarter of 2025. However, activity will likely settle back down to more expected levels, allowing people to review the market and negotiate their next move without the pressure of a stamp duty deadline.”

OnTheMarket president Jason Tebb, President of OnTheMarket says:  “A dip in transaction numbers in November compared with the previous month is always concerning as transactions are a better indicator of market health than house price fluctuations.

“However, the numbers need to be put into context as buyers and sellers brought forward transactions to October amid concerns as to what the Budget might hold, boosting activity that month.”

He points out that two rate reductions in the second half of last year has bolstered buyer and seller confidence. “With further cuts expected this year, there is cautious optimism which bodes well for the spring market.

“While some lenders have reduced their fixed-rate mortgages this month, helping ease affordability, increased stock means buyers have more choice so are in a stronger negotiating position and remain price sensitive.”

He adds that stamp duty changes are providing extra motivation for first-time buyers in particular to transact over the next few months.

MT Finance director Tomer Aboody adds: “A quite significant increase in transaction numbers compared with this time last year shows how reduced interest rates have encouraged buyers and sellers to be active. Although we are still some way off the highs of previous years, the growing confidence in the market is promising.

“The full impact of the Budget has yet to be factored in, and therefore, a true indication of where we are at would be around the spring, once the stamp duty holiday comes to an end.

“Let’s hope a further cut in interest rates comes before then, helping the market stay productive and confident.”

Property experts added that the month-on-month decline in transactions could be seen as concerning. Antony Robert’s head of sales Amy Reynolds said: “A dip in transaction volumes shows that higher borrowing costs and affordability pressures are inevitably impacting buyer activity.

“That said, this month we have been seeing a good number of market appraisals, which is often a precursor to a strong spring market.”